Foreign Currency

Russian rouble dips on pent-up forex demand, but taxes may support it

MOSCOW, Jan 22 (Reuters)The Russian rouble opened slightly weaker on Monday as foreign currency supply struggled to meet demand that had built over the weekend.

At 0705 GMT, the rouble was down 0.1% against the dollar at 88.26 RUBUTSTN=MCX and slipped 0.05% against the euro to 96.25 EURRUBTN=MCX. It had weakened 0.08% against the yuan to 12.23 CNYRUBTOM=MCX.

“During today’s session, we expect the rouble to try to switch to strengthening as exporters increase foreign currency sales ahead of the peak of tax payments which falls on Jan. 25,” said Bogdan Zvarich of the financial services marketplace.

Brent crude oil LCOc1, a global benchmark for Russia’s main export, fell 0.4% to $78.23 a barrel.

Russian stock indexes were up.

The dollar-denominated RTS index .IRTS rose 0.2% to 1,132 points. The rouble-based MOEX Russian index .IMOEX inched up 0.02% to 3,167 points.

For Russian equities guide see RU/EQUITY

For Russian treasury bonds see 0#RUTSY=MM

(Editing by Bernadette Baum)

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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